Big Lots, a well-known discount retailer, has announced plans for going-out-of-business sales across all its locations, including those in Delaware. This news follows the company’s September filing for Chapter 11 bankruptcy protection and its subsequent struggle to secure a sale agreement.
Will Big Lots Close Its Delaware Stores?
Big Lots operates five stores in Delaware—located in Wilmington, New Castle, Seaford, Dover, and Milford. While these stores remain open for now, the company has not disclosed specific closure dates. If a sale agreement is finalized, the closures could potentially be reversed.
Why Is Big Lots Closing Stores?
In September, Big Lots began the process of closing 340 stores nationwide as part of a proposed agreement with an affiliate of Nexus Capital Management LP. However, the retailer recently announced that the deal is unlikely to be completed. Despite this setback, Big Lots CEO Bruce Thorn stated that the company is actively working toward finding an alternative buyer to continue operations.
What Happens Next for Big Lots in Delaware?
Delaware residents may soon see liquidation sales at local Big Lots stores, offering discounts on merchandise as part of the going-out-of-business process. However, the final fate of these stores depends on whether the company can secure a new sale agreement.
What This Means for Shoppers
For now, Big Lots locations in Delaware remain operational. Shoppers are encouraged to take advantage of potential discounts during the store closing sales but should also stay updated on announcements regarding closure timelines.
Keep checking for updates to learn whether Big Lots will close its doors permanently or find a new path to recovery.